Pluto Finance

Pluto lends £24m for office-to-resi scheme

Pluto Finance has provided a £24m stretched senior loan to fund the acquisition of an office building in Ilford and its subsequent conversion into residential units.

The development is set to deliver around 100 flats as well as office and retail space.

The specialist residential development lender provided the loan at around 90% loan-to-cost.

“…We are delighted to make another stretched senior loan in east London and to be part of the Ilford regeneration story,” said Justin Faiz, partner at Pluto Finance.  

“With affordable prices and already great commute times, this is an area that is set to thrive as Crossrail comes online.”

As well as stretched senior finance, Pluto also offers senior loans with interest from 4% for up to 70% loan-to-cost and bridging finance.

Pluto is currently funding the construction of around 2,000 new homes and has been lending since 2011.

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